Save Article

SEC Chief Backs Investor Powers

WASHINGTON -- Securities and Exchange Commission Chairman William Donaldson told lawmakers that he remains committed to trying to give shareholders more power to nominate directors, despite recent SEC staff decisions quashing such efforts at individual companies.

In a March 23 letter to House Democrats, Mr. Donaldson said the SEC staff actions "do not constitute the commission's views" on a proposal to allow shareholders to nominate directors using the company's own proxy ballots. Instead, he said the staff's...